Visabe, Urban Spring Capital Reveal Boutique Upper East Side Condo Elodie

• 16-unit boutique condo project underway at 439 East 77th Street in Lenox Hill
• Developers acquired the site for $5.8M and secured a $24.5M construction loan from S3 Capital
• Units average 1,807 square feet, with a penthouse and townhouse-style residences

What The Project Adds To Upper East Side Inventory

Elodie is a seven-story residential development bringing a limited collection of just 16 condominium units to Lenox Hill. The boutique scale stands out in a market where larger developments often dominate. With an average unit size of over 1,800 square feet, the project is clearly targeting end-users looking for more space rather than investors seeking smaller rental-friendly units. The inclusion of townhouse-style residences and a full-floor penthouse further positions the building toward luxury buyers.

What The Development And Financing Signal

The project is being developed by Visabe Corp. and Urban Spring Capital, who acquired the site for $5.8 million in December 2022. That relatively low land basis could give the developers more flexibility on pricing as the project nears completion. S3 Capital provided $24.5 million in construction financing in 2024, highlighting continued lender appetite for well-located boutique condo projects in Manhattan despite a more cautious overall market. The smaller scale also reduces sellout risk, which has become a key factor for lenders evaluating condo developments.

What The Design And Architecture Offer Buyers

The building features a clean, symmetrical façade with beige brick and floor-to-ceiling windows. A setback on the seventh floor creates a landscaped terrace, adding premium outdoor space that remains highly desirable in Manhattan. Balconies on either side of the structure and decorative metal railings give the building a modern but contextual look that fits the Upper East Side aesthetic. Inside, residences will feature high-end finishes, including white oak cabinetry, quartzite countertops, and Sub-Zero and Wolf appliances. Bathrooms are designed with upscale fixtures and modern detailing.

What The Amenities And Layout Mean For Residents

Amenities are focused on livability rather than excess. The building will include a resident lounge, fitness center, doorman-attended lobby, and private outdoor space. On-site parking will also be available for purchase, which remains a rare feature in this neighborhood and could add incremental value for buyers. The project also includes a rear yard and cellar level, maximizing usable space on a relatively compact site.

What The Location Means For Demand

Located between First and York Avenues, the site sits in a quieter pocket of Lenox Hill that continues to attract buyers seeking a more residential feel while staying close to core Manhattan amenities. Access to the Q train at 72nd Street enhances connectivity, which has been a major factor driving demand and pricing growth in the area over recent years. The development replaces a former carriage house turned parking garage, reflecting the ongoing trend of redeveloping underutilized sites into higher-value residential assets.

What The Timeline Suggests For The Market

Elodie is targeting completion this summer, entering a market where new luxury supply remains relatively limited compared to previous cycles. With only 16 units to sell, the developers are not under the same pressure as larger projects, allowing for a more measured sales approach. For investors and landlords, the takeaway is clear. Boutique luxury developments with strong locations and larger layouts continue to move forward, even as broader condo market conditions remain uneven.